Consumer finance new business fell by 2% in December 2023

13 February 2024

New figures released today by the Finance & Leasing Association (FLA) show that consumer finance new business in December 2023 fell by 2% compared with the same month in 2022.  In 2023 as a whole, new business was also 2% lower than in 2022. 

The credit card and personal loans sectors together reported new business up by 2% in December compared with the same month in 2022, while the retail store and online credit sector reported new business 8% lower over the same period. 

Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said: 

“The consumer finance market represented by FLA members reported a modest single digit fall in new business in 2023 compared with 2022.  This was reflected across the major finance products of car finance and credit cards and personal loans. The retail store and online credit sector was the only sector to report a higher level of annual new business. 

“Consumer confidence has begun to increase as the outlook for their personal finances has improved.  Nevertheless, consumer spending is expected to remain subdued this year and our latest forecasts suggest that the UK consumer credit market is likely to see new business grow by around 2% in 2024.  

“As always, customers who are worried about meeting payments should speak to their lender as soon as possible to find a solution.” 

Table 1: New consumer credit lending


Dec 2023

% change on prev. year

3 months to Dec2023  

% change on prev. year

12 months to Dec2023

% change on prev. year

Total FLA consumer finance (£m)







Data extracts:







Retail store and online credit (£m)







Credit cards & personal loans (£m)







Second charge mortgages (£m)







Car finance (£m)







 Note to editors:

  1. FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
  2. In 2023, FLA members provided £151 billion of new finance to UK businesses and households. £113 billion of this was in the form of consumer credit representing almost a third of total new consumer credit written in the UK in 2023.
  3. Consumer car finance reported in these figures refers to finance obtained through the point of sale.
  4. For media enquiries, please contact the FLA press office on 020 7420 9656.


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